Singapore Exchange suspends trading of Blumont shares

Singapore Exchange has suspended the trading of Blumont Group shares after the company said it plans to take over a foreign-listed coal mining company, sending its shares plunging by more than 50%.

“This is to safeguard the interests of the market as there could be circumstances that would result in the market not being fully informed,” a stock exchange filing said.

Blumont said before market hours on Friday that it had reached an agreement on the terms of a proposed takeover bid of a coal mining company for up to $146 million.